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https://www.top-law-schools.com/forums/viewtopic.php?f=3&t=229254
(1) Top law schools cost more like $54k per year, e.g. http://www.lstscorereports.com/schools/ ... osts/2013/ orhous wrote:If someone is attending a school and paying $45k a year in student loans, how do they graduate with $250k debt from just law school? Having nearly 40k a year to cover living expenses while being a student seems extreme.
Probably the interest because it compounds interest aswell at a higher rate (I think).Mr.Throwback wrote:Jumping in on your thread:
The good news is I might be awarded a summer fellowship worth $1500. The bad news how i'm going to spend it. Do you suggest I spend $1200 on the interest that built up over the year? This would take care of accrued interest completely. OR, should I put it in a CD where I have $1700 already and wait until I graduate. Thank you !
I see. Interest is killer man. I don't think we really comprehend how much interest we are paying. I looked at my loans recently and was pissed. I had subsidized loans for my first year and unsubsidized for my second and third. on 45k total in loans I have like 4k in interest already its only been two years... If someone were to have 200k in loans, over three years it would probably be like 40k in interest before they even start making payments.KirkwoodGAO wrote:(1) Top law schools cost more like $54k per year, e.g. http://www.lstscorereports.com/schools/ ... osts/2013/ orhous wrote:If someone is attending a school and paying $45k a year in student loans, how do they graduate with $250k debt from just law school? Having nearly 40k a year to cover living expenses while being a student seems extreme.
http://www.lstscorereports.com/schools/nyu/costs/2013/
(2) Interest on grad plus loans is 6.4% and was 7.9%
(3) It probably costs at least $25k a year to live on a modest budget in any law school in a major city. I'm sure you could do better in a small town.
Assuming one is paying sticker, that's $79k per year and $237k total, before accounting for interest, one-time purchases like computers, etc.
Take a COA of 70,000 which isn't all that high for a lot of schools. Add in the 3.5% tuition hike. (that is probably low). You are at about 217,500. Now the interest accumulates on your loans while you are in school.hous wrote:If someone is attending a school and paying $45k a year in student loans, how do they graduate with $250k debt from just law school? Having nearly 40k a year to cover living expenses while being a student seems extreme.
Pretty sure what everyone on here says is "If you go to xx school you will only lead a successful life through a combination of hard work, dreams, gambles, and tucking luck", not "You cannot go to xx school and lead a successful life." Congrats on the job, you may want to reach out to a chiropractor and see if he can do something about that chip on your shoulder.NotMyRealName09 wrote:I have over $100k in education debt and I live in a suburb of Detroit making 100k+ a year at a pretty awesome job considering my "stats" and where anyone in this shithole of a forum would have told me I could end up. You ask why - the answer is dreams, gambles, and fucking luck. Its called America. Sink or fucking swim. Why do I post here then? Alternative perspective. Also maybe I want to help but I'm not sure how.
Pretty sure living in Detroit is not winning; you're actually the fulfillment of the TLS cautionary tale.NotMyRealName09 wrote:I have over $100k in education debt and I live in a suburb of Detroit making 100k+ a year at a pretty awesome job considering my "stats" and where anyone in this shithole of a forum would have told me I could end up. You ask why - the answer is dreams, gambles, and fucking luck. Its called America. Sink or fucking swim. Why do I post here then? Alternative perspective. Also maybe I want to help but I'm not sure how.
Thanks for that non-sequitur that has nothing to do with OPs question.NotMyRealName09 wrote:I have over $100k in education debt and I live in a suburb of Detroit making 100k+ a year at a pretty awesome job considering my "stats" and where anyone in this shithole of a forum would have told me I could end up. You ask why - the answer is dreams, gambles, and fucking luck. Its called America. Sink or fucking swim. Why do I post here then? Alternative perspective. Also maybe I want to help but I'm not sure how.
spleenworship wrote:Thanks for that non-sequitur that has nothing to do with OPs question.NotMyRealName09 wrote:I have over $100k in education debt and I live in a suburb of Detroit making 100k+ a year at a pretty awesome job considering my "stats" and where anyone in this shithole of a forum would have told me I could end up. You ask why - the answer is dreams, gambles, and fucking luck. Its called America. Sink or fucking swim. Why do I post here then? Alternative perspective. Also maybe I want to help but I'm not sure how.